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abirached: this week on world business... singapore swings out of recession, and now the island state looks set to become one of the worlds leading wealth management hubs. >>theres a large flow of corporates coming through singapore so that it is actually quite easy to access the companies that we plan to invest in to meet management care >> abirached: as part of our inside india series we speak to commerce and industry minister anand sharma as the role india plays on the world stage grows ever stronger. >>the g8 alone couldot address the challenges, could not meet the aspirations, given the complexities of the world that we live in. >> abirached: and it may be famed for its big fast cars but the german auto sector has taken green principles to heart. >>not everyone wants to drive a green toyota. they want to drive a green porsche,
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a green mercedes,bmw, a green audi and green volkswagen >> abirached: >> abirached: hello and welcome. im raya abirached and this is world business, your weekly insight into the globalbusiness trends shaping our lives. more and more asians are joining the socalled high net wort category... and at a faster pace than their counterparts elsewhere. one place primed to take full advantage of that increasing wealth is singapore. the island state is in the top fouglobal financial centers and is rapidly increasing its footprint in private wealth management. and this spring singapore will add an enormous integrated resort to its portfolio. >>reporter: marina bay sands will be another jewel in singapores crown... billed as the most
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spectacular integrated resort in the world. the price tag: 5 and half billion us dollars. like its sister establishment in macao... it will offer gambling, luxury, and thousands of new jobs... all targeted to attract the worlds wealthy for pleasure and business. >>arasi: we really think it will be perhaps the icon of singapore, drawing people from all walks of life. >>reporter: the marina bay sands project is evidence of the islands growing prominence. singapore pitches itselfas a leading world capital... a hub for shipping and technology....for the arts and the media... for education and medical treatment... and most importantly... for financial services. private wealth management is the countrys strongsuit... and its lead is increasing as banks vie for bigger shares of the lucrative market. ocbc bought ings private bank... and anz captured the business at rbs... virtually all banks here are
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trying to hire more private bankers to increase their asian footprint... out in front... the uk bank, standard chartered... its global headquarters for private banking is here... for the past few months... the bank has been helping new clients shift funds out of switzerland and in to singapore. >>flavel: yes, its a trend but actually the more lucrative part for any private bank is to bank asian high networth wealth that is either booked outside of asia or being created in asia today >>reporter: like its competitors, standard chartered struggles to find enough experieed asian bankers to meet its staffing targets. many banks here laid off junior staff after too many asian clients lost enormous sums during the crisis. in fact, an increasing number of asian clients are now turning to independent wealth managers for a more personalized service. they too see huge upside for private wealth management in singapore a place where they say clients can feel safe.
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>>hui: i think its protection of privacy but not confidentiality in sense of hiding or illegal coverage ofsome peoples assets not declared to certain governments. >>peterson: singapores appeal as a financial hub is well known. its english speaking, stable politically and strategically located. add to that very favorable tax incentives and a well organized financial infrastructure. those factors attract not only wealth management players but also hedge funds. >>reporter: 16 new funds opened here in 2009... while 19 others closed down. still more hedge funds are in the pipeline... including start ups like eiken capital. it hopes to soon launch with 20 million dollars under management... and the dream of 1 billion dollars three to five years from now. >>khan: theres a large flow of corporates coming through singapore so it is
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actually quite easy to access the companies that we plan to invest in to meet management care and also there is a large flow of investors coming through singapore on a regular, so that helps a new fund setting up. >>reporter: singapores government continues to protect a rapid but potentially fragile recovery.... one bolstered by increasing trade with china and india that has helped compensate for the collapse in western demand. officials here also have russia on their radar... hosting an annual russiasingapore business forum to strengthen trade ties and investment. >>tay: i think this for me is the match of the century. russia is the font of tremendous technology...russian scientists and companies that are afraid of losing property rights-by actually locating them and patenting them in singapore they actually enhance and increase those
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rights. >>reporter: at least 2000 russians now live in this city state... buying properties and developing businesses. >>kichatov: the innovative infrastructure is built, the system is welcoming innovation from abroad, its easy to start a business here, so beside an innovative infrastructure, its a business friendly environment. >>reporter: the speed of singapores rebound is also due to rising domestic consumption-evident on the popular orchard road. here ordinary consumers have more cash in their pockets than jobless eureans and americans. unemployment is low and nearly three quarters of the population live in subsidized public housing, often with their extended families. as a group... young singaporeans not only love to shop...they also love to learn... and to save... apowerful combination for the next generation of singapores wealthy elite.
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>> abirached: when he was appointed indias commerce and industry minister in may last year anand sharma inherited the unenviable task of bringing the seemingly never ending doha round of trade talks to a conclusion. when our executive editor alan friedman caught up with minister sharma in delhi he tk the opportunity to sit down with him and find out how he aims to reach an agreement. >>friedman: anand sharma, welcome to world business, good to have you with us - >>sharma: thank you >>friedman: since your appointment there has been much commentaries by observers, analysts that the appointmentof you as the new trade minister of india is a message to the world that indias position on the doha round and your general position is changing. >>sharma: it is a commitment of india and the sincerity of its intents to engage with the world to take the doha round to a successful conclusion. >>friedman: is that a way of saying that india will work harder on the doha round... >>sharma: we have already taken
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the initiatives by reenergising it. convening the daily ministerial, bringingtogether all the key interlocutors in the first week of september, all the media stake holders and it was a rainbow coalition, a microcosm of the wto which met herelets not forget: it is not a question of doha round: india is one of the major developing countries on this planet and the doha roundof the wto has development at the core agenda. developing countries, particularly the ldcs, the poor countries, has the most to gain and much to loose, the failure or the success. so we are very clear where we are: there has to be a successful conclusion. >>friedman: what has changed now that india is a member of the g20 and the g20 seems more serious: does that change anything for india? >>sharma: it is not india being a member, it is the recognition by the developed countries that the g8 alone could not address the challenges, could not meet
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the aspirations, given the complexities of the worldthat we live in. therefore there has to be a representative order and grouping which deals with these issues, so the g20 is becoming a reality. both the political edifice and the economic architecture have to respond to the contemporary realities. it would be a huge mistake, which has been for decades, to keep them frozen, in the order that emerged after the second world war, when the majority ofthe countries which are members of the united nations were not free nations, in asia, africa and latin america, which include countries like india. even china was not a member of the united nations. so we must be very clear which world we live in. it will only be correct to impair the aberrations of the past. alan friedman lets talk about the relations with the obama administration. there is a rumour that a new usindia trade and investment agreement is near: is that true? >>sharma: that is true. we had a meeting
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of the usindia trade policy forum, i have been to washington, ron kirk has been here twice: he came for the wto ministerial, he also came for the trade forum. the focal groups have met, we are going to sign a framework of cooperation on trade and investment, hopefully during the forthcoming visit of the prime minister and later on we will have the treaty of the tradeand investment agreement. and there are other developments on the way, we are talking about them. >>friedman: what about progress with the european union? where does india stand? >>sharma: we have had many rounds of discussions on trade and investment agreement. this is after the helsinkisummit indiaeu in 2006 accepted the recommendations of the high level group. it will be in the interest of both india and the eu, we have a strategy partnership, eu is indias largest trading partner,we
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have annual trade of over 80 billion euros and the potential is much more. >>friedman: last couple of areas. foreign direct investment. what is the score card for india? you have been attracting a lot in the last few years. >>sharma: the fundamentals are strong, we have one of the highest national saving rate in the world, we have one of the highest investment rate in the world, domestic consumption is big, which has seen not a turn around, but a rebound of the core industries which have gone into a double digits growth. therefore fdi is coming in more, so are the foreign institutional investors, because india remains an attractive destination for them and we are encouraged. we have crossed 120 billion mark ovell, this year in the first financial quarter because our financial year starts in the first of april - we have got over 15 billion fdi, same as the figure of fii.
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and at the same time, when we are talking of fdiinto india, india is investing in a major way abroad, indian entities. in many countries, includingoecd countries, india investments are more. overall our investments in the last 7 years out of india are 67 billion us dollars. >>friedman: in order to make india a more investment friendly place and get the value proposition to the internaonal fdi community up, what are the twothree most important reforms that you want to spearhead during your time in office? >>sharma: we are ensuring simplification and rationalisation of fdi norms. also uniformity when it comes to approvals, across the country. i have convened a first meeting of the industry ministers of all the states. we have launched a pilot project, with infosys executing it, that is on government ebusiness.
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so eventually all the services will be in the paperless mode. this pilot project covers nine states,eventually will cover the entire country by 2015. >> abirached: still to come on world business... greening the german car industry. the country known for large luxury motors embraces economy and theenvironment. and the glamour of the gridiron. nfl films has been elevating football to fine art for over forty years filming football at its finest and the rest in just a moment on world business... >> abirached: the huge corporate and political presence at the copenhagen conference
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proved one thing beyond all doubt. green business is big business and the car industry knows that better than anyone. if they want to stay on the road to success they have to be sustainable. and one of the worlds leading auto making countries - germany is taking the development of green cars very seriously. >>reporter: its a fair bet that karl benz would both be proud and appalled in equal measure at what his invention has brought to the world. mercedes benz cars had come to symbolise both status and gas guzzling excess....as do all the luxury german brands. all have taken a hit in the economic downturn....but at a different level from other carmakers: >>pieper: we have this deep recession even in the premium car business...which is a new phenomenon.. .weve never seen this before... so this makes them suffer...but suffer on a high level, so to say. bmw is atbreak even, even in this recession ...audi is
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making money...porsche is making nice money...even inthe recession. and mercedes has made losses over two quarters...this...and they come out probably the second half. >>reporter: despite the german carmakers love affair with the internal combustion engine which has meant the fareast has overtaken them in the race for greener technologies,...they have absorbed the message of fuel efficiency and leaner, and greener vehicles: >>muller: not everyone wants to drive a green toyota. they want to drive a green porsche, a green mercedes, bmw, a green audi and green volkswagen. asia, in the middle east, the people want to have quality cars and not plastic cars with a green machine. >>reporter: bmws new baby the minie is currently being fieldtrialed in the uk, germany and the united states. the allelectric vehicle has the backing of the german government as well as leading energy suppliers. the vehicles are leased to the drivers and, at the end of the year, bmw
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will take them back, dismantle them to learn how they handled in the real world. the big german carmakers are also working on hybrid vehicles which are much more popular in the united states. >>polleit: i think that people have understood the selling argument of having cars which are environmentally friendly, so sooner or later, the market will bring about these reforms and again, great progress has been made and i think there will be further prress down the road. >>pieper: theyve been forced to believe in it...theres no...theres not the motivation from these companies...theres no real belief in this as a future business ...i think they take they have to do it because e politicians, the consumers, the market. the environment demands it. >>reporter:
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at theecent frankfurt motor show, the german chancellor herself said that electric and hybrid carsare very much the future and said she hoped to see 1 million electric cars on germanys roads by 2020. but theres a much more fundamental problem for the entire european industry that neither governmentsnor manufacturers want to face: >>polleit: we have overcapacity in the car industry. thats for sure. with the bursting of the credit boom a return to the output levels we have seen before the crisis came is very unlikely so there will a sort of downscaling in terms of production capacity across the sector and of course that will imply job losses. >>reporter: the crisis should have been an opportunity to accelerate much needed structural change...and yet in the past 12 months not one single carmaker in europe has closed down. the opel fiasco where angela merkel stepped in before the election and threw taxpayers money at it to secure a deal
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for its german workers... and which has now unravelled.....has been called an outbreak of malignant economic nationalism. >>polleit: politicians thought about politically favourable solutions rather than thinking about economically viable strategies for sorting out the mess at opel. >>pieper: opel is by far the weakest player in germany... they need 5 percent less people a year...so i see no solution...i mean we dont come out of this...i mean there is no magic. >>reporter: despite all the talk of the future, the global car industry, and that includes the volume car makersin germany, still has all the characteristics of a 20th century industry struggling in a 21st century environment. as world leaders come together again to wrangle over climate change in copenhagen....a small amount of comfort has emerged from the economic crisis. those government scrappage schemes to encourage people to buy new cars mean
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that there are more clean, new machines on the roads than ever before. >> abirached: with revenues of around $8 billion, americas nfl is the worlds richest sports league. 19 of its 32 teams are worth more than $1 billion, and in 2008 over 90% of its games were sellouts. quite simply, in every measure its a financial success story. a large part of that success is down to the image the game portrays of itself, and the mythology its built up over the years. and much of that is due tothe work of an iconic american institution, called nfl films. >>reporter: each year, in every corner of the united states...as summer draws to a close, the thoughts of sportsfans turn to a game that has captured american hearts like none other...
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and rest assured...each season every ss, tackle and touchdown, will be captured by nfl films... >>sabol: footballs a great sport for film. there isnt another sport. baseball is all geometry. basketball is all armpits. thats all you see. football begins in the summer. you have the passage of the seasons. it ends in the winter. theres a storyline and a majesty about the sport that lends itself to film.... >>reporter: the companys story began in 1962, when sabols father ed, bought the rights to a championship game for $3000, and hired his son as a cameraman..... >>sabol: when we started nfl films i wanted to show the game the way id experienced it as a player. with the eyeballs bulging, the veins in the neck showing and the snot flying and my father wanted to portray football the way
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hollywood portrayed fiction. with a dramatic flair. >>sabol: and that became the style of nfl films. >>reporter: its a style thats won nfl films 97 emmys, and proved a vital tool for the leagues marketing team, back at nfl hq in new york... >>signora: nfl films is a hugely important part of the nfl. they are able to capture the essence of our game and tell the story of our game like noone else. >>reporter: the films are created here in new jersey. from the numerous edit suites to a sound stage able to hold a 72 piece orchestra, its an impressive enterprise, that produces over a thousand hours of original programming every season, and covers more than 250 games, each with between 2 and 20 cameras... >>swain: we can take any team, >>swain: we can take any team,
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no matter how rotten they are. we can take any game, no matter how dull it is and im convinced that any of the producers here can make it into some sort of a compelling or at least entertaining bit of programming. >>reporter: from the start the sabols ambition was to combine the elements of a sports film in a way that had never been done before, starting with the voiceovers... >>sabol: its all nouns and verbs. theres no adjectives. >>reporter: and then theres the sound of football itself... >>sabol: the only way you can pick up on the passion of this sport, is hear how it sounds. >>reporter: over t years, more than 500 players and coaches have agreed to get miked up during a game...
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>>sabol: to put a microphone on a player or a coach is really an invasion of privacy. youre this is their place of business and all of a sudden youre recording everything that theyre saying. so there has to bean element of trust. >>signora: teams want to cooperate. they want to grant the access that nfl films is seeking, because they know the final product is going to be something they can be proud of. >>reporter: the final piece in the puzzle is the music score...which today, is all written and recorded inhouse. >>robidoux: weve done stuff thats full blown orchestral. weve done more modern things like rock. weve done filmsthat have been jazz, but the mainstay of that dramatic music is kind of in orchestral stuff, but well bring in all these other elements. >>reporter: but while musical styles may change, one thing remains constant. every frame of football gets shot on film...and over 47 years...that adds up to a lot
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of celluloid... >>jong: now every season nfl films shoots over a thousand miles of 16mm film and eventually it all makes itsway into this specially designed vault. 12 degrees celcius so rather chilly. theres over 100millionfeet of film in here, around 50 thousand of these cans, and that makes this the worlds largest sports film library. where does this go...? >>sabol: the only other human endeavour that has been covered as thoroughly on 16mm film is ww2. our archives go back to 1894. we have a film that thomas edison shot of a princeton rutgers game. >>reporter: nfl films own history hasnt been forgotten either. the city of philadelphia recently marked its contribution to sports broadcasting with a special plaque at the companys
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original premises. and everyone here knows that at least one keen observer is constantly checking to make sure their work measuresup to standards set in the past... >>sabol: my fathers 94 and he still calls me up...hes retired...he lives in arizona...he calls up every week...i heard the music...the musics too loud...i didnt like the narrator... hes still right there...hesstill up on the bid.... >>reporter: which is perhaps understandable...because you do get the feeling that just about all 300 staff here wouldnt mind being involved in the filmmaking process till theyre 94 either.. >>swain: a lot of people are very envious of my job because im able to watch football and get paid for it, towrite about it and make films about it. it is very exciting. >>reporter: it just seems like fun. i mean...is it work? >>sabol: nah. >>reporter: more then, a labour of love....and one thats help give football the right to call itself americas
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favourite game... >>thats it for this weeks world business. thanks for watching. well see you again at the same timenext week.
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World Business
WHUT January 12, 2010 6:00pm-6:30pm EST

News/Business. (2010) Singapore explores private wealth management; Anand Sharma, India's Union Cabinet Minister for Commerce and Industry. (CC) (Stereo)

TOPIC FREQUENCY India 19, Singapore 11, Sharma 9, Sabol 7, Doha 6, Nfl Films 5, Nfl 5, Asia 4, Germany 4, Bmw 4, Fdi 4, Audi 3, Wto 3, Anand Sharma 3, United States 3, Porsche 3, Sabols 2, Swain 2, Toyota 2, Opel 2
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